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08/12
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the fiscal cliff that we are head headed over if congress refuses to act. one rocky area of the cliff is the so-called sequester, which is a stupid name for a stupid thing. $1.2 trillion in automatic spending cuts over ten years. half will come from defense including $55 billion alone next year. jobs will be lost. possibly more than a million defense-related jobs next year. most of them, by the way, are not government jobs. the bulk of the pink slips come from private contractors hired by uncle sam. i don't know if the number is right. but let's say it's in the ballpa ballpark. that would be equivalent, take a look at the red bars, to all of the jobs created this year. i'm not willing to take that chance and your congress shouldn't be either. defense companies aren't waiting around. they are already starting to prepare for the job losses. why? because of something called the warn act. the obama administration says the act doesn't apply here and that's triggering a plolitical fire storm. before we get to that, you need to know what the warn act is. i want to
the fiscal cliff that we are head headed over if congress refuses to act. one rocky area of the cliff is the so-called sequester, which is a stupid name for a stupid thing. $1.2 trillion in automatic spending cuts over ten years. half will come from defense including $55 billion alone next year. jobs will be lost. possibly more than a million defense-related jobs next year. most of them, by the way, are not government jobs. the bulk of the pink slips come from private contractors hired by uncle...
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the fiscal cliff is a name that the media came up with, but some of us have been saying for years, you have got to stop the out of control federal spending or you will end up at this point, we're there. >> i just want to the remind folks of something you said about the middle class tax cuts, i just want to the play that. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should just take them out of the discussion right now. >> he has his idea, i don't want to raise taxes on anybody. >> it seems to me now this is the split inside the republican caucus -- >> i don't think so. i think there's more discussion about tactics than it is any different. none of us want to raise the rates on anybody, but the rates on everybody go up at the end of the month. since we degree with the democrats on 98% of the american people, to me, i would just get that off the table now so they don't worry about it. i the those people are the president's leverage. it's the democrats going around screaming your taxes will go up if republicans don't agree, let
the fiscal cliff is a name that the media came up with, but some of us have been saying for years, you have got to stop the out of control federal spending or you will end up at this point, we're there. >> i just want to the remind folks of something you said about the middle class tax cuts, i just want to the play that. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should just take them out of the discussion right now....
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they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the bush era tax cuts. certain benefits and credits are going to go away. and they're going to be the sequestration, which as you know is a stupid name for a stupid thing but it was the deal they made for the debt limit increase that said if 12 of you can't make a deal, then we're going to cut 10% across the board in everything. >> the debt ceiling and then they attached a suicide note and that's basically what it is. >> military spending and -- >> all cutting across the board. which is not what you do in an economy like this. spending cuts are necessar
they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the...
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just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and exceeding the entire size of our economy. there will be many who will say that with the election over, we should confront the first of these challenges by simply letting the top two tax rates expire and pushing the sequester off to some other date. they would have us engaged in the same short-term temporary policies that have helped put us into this fix. and in essence they're saying let's have more of the same. let's agree to drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we'll call it a day. that might get us out of town, but it won't get u
just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and...
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Nov 16, 2012
11/12
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cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash rewards credit card. apply online or at a bank of america near you. >>> severe spending cuts, huge tax hikes for everyone are now just only six weeks away. and with pressure mounting, president obama sat down at the white house today with congressional leaders from both parties to begin negotiations on a debt reduction deal that would keep the united states from going over the so-called fiscal cliff. >> i think we're all aware that we have some urgent business to do. we've got to make sure that taxes do
cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash...
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i think you like to say this is the fiscal cliff coming at you like a -- >> a mack truck. to mix our metaphors. >> sure. >> this is something, if congress can't decide what to do with these expiring tax -- tax goodies and all these looming spending cuts, you're going to have a huge shock to the economy in the beginning of the year. the congressional budget office said that would result in a recession, another recession at the beginning part of next year. so these bush tax cut a very big part of this thing we are calling you the fiscal cliffs. what does it mean in the president wants to keep the tax brackets of 10% 15%, 25% where they are, how much you have to earn to qualify for those. 10%, people who earn less than $17,000 and change. 15%, people who earn less than $70,000, married, filing jointly. 25%, people under $142, so on. so, where the president wants to allow them to expire you the 33% tax bracket, your taxes would jump up to 36%, an extra $17 or $18,000 in tax for people who make $388,000. the gop will say that is a lot of small business owners. 35%, people who m
i think you like to say this is the fiscal cliff coming at you like a -- >> a mack truck. to mix our metaphors. >> sure. >> this is something, if congress can't decide what to do with these expiring tax -- tax goodies and all these looming spending cuts, you're going to have a huge shock to the economy in the beginning of the year. the congressional budget office said that would result in a recession, another recession at the beginning part of next year. so these bush tax cut...
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is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start. there's no upside in investing less in poor children, students with disabilities. there's no upside to seeing class size explode. no less side to less extra cricklers, no upside to having less access to pell grants so they can go to community college, tour year college, be a productive citizen and participate in the economy. we have to do the right thing. we fundamentallily think of education as investment, not expense. we have to invest in reform not in the status quo. >> would you think there's a risk we really go off the fiscal cliff? do you
is going to fall over this fiscal cliff. tax increases and budget cuts that hit at the beginning of the year, the countries, as you know, largest teachers union, they say that will mean 8% spending cuts for education, 80,500 job losses. what's your contingency plan? what happens to the department of education and public school education if we go over the fiscal cliff? >> it's very simple. children will get hurt. there's no upside to having many less children have access to head start....
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the focus for wall street now, kate, is on the fiscal cliff. congress and president obama have two months, 55 days to deal with those tax increases and federal spending cuts. a deal has to be reach ed. wall street sees it this way, to avert possibly a recession as the congressional budget office has said, a spike in unemployment rate. one analyst telling me if a resolution isn't reached with the fiscal cliff that stocks will plummet and the economy will drown in quicksand. that is certainly all spooking the markets today. kate? >> we're watching, as we're preparing for the bell to ring any moment now. you said you're seeing a sell-off, a drop. correct me if i'm wrong, stocks are up overall in the obama presidency in his first term. right? >> that's a good point. we've been talking up until the election about the fact that a romney win would have been something wall street would have cheered because he was seen as pro business, more pro wall street. but if you look back at the actual numbers, look at this, the stock market really has had a great
the focus for wall street now, kate, is on the fiscal cliff. congress and president obama have two months, 55 days to deal with those tax increases and federal spending cuts. a deal has to be reach ed. wall street sees it this way, to avert possibly a recession as the congressional budget office has said, a spike in unemployment rate. one analyst telling me if a resolution isn't reached with the fiscal cliff that stocks will plummet and the economy will drown in quicksand. that is certainly all...
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many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go up because tax cuts will expire like the bush tax cuts, tax holiday. i'm talking about income taxes and capital gains taxes. all of that would go up unless congress and the president can get their act together and stop it all from happening. that's what wall street is going to be focused on until the end of the year. and the way wall street sees it, the way everybody sees it is they'd like to see a deal sooner rather than later especially for a lot of companies. a lot of companies are holding off on hiring because they don't know what the tax situation is going to b
many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go...
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Nov 16, 2012
11/12
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the deadline looming, 46 days now before we go careening off that fiscal cliff. or as some people said that gentle slope. congress, the president, if they fail to reach a budget deal, that's what's going to happen through a series of dramatic tax hikes and spending cuts will kick in. this morning president obama and the four top congressional leaders john boehner, nancy pelosi, harry reid, mitch mcconnell all will begin talks at the white house. cnn's jill dougherty is following those developments for us this morning. she's in our washington, d.c. bureau. good morning, jill. >> hello, soledad. well, this is it. both sides are going to be there. they're looking at the tone. they're looking at the president, what kind of tone will he set? you have to say that they're coming in both sides with their essential positions intact. all, both sides are saying that there is some room for a compromise. so, the essential thing is how do you compromise? if you look at the positions, let's say, of the republicans, and it's most strongly, as i say, relayed by senator mitch mcco
the deadline looming, 46 days now before we go careening off that fiscal cliff. or as some people said that gentle slope. congress, the president, if they fail to reach a budget deal, that's what's going to happen through a series of dramatic tax hikes and spending cuts will kick in. this morning president obama and the four top congressional leaders john boehner, nancy pelosi, harry reid, mitch mcconnell all will begin talks at the white house. cnn's jill dougherty is following those...
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i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our existing mac lines in the united states. >> but apple stock has been singing the blues for a few months. plummeted 25% off the all-high and a beating this week. 6.5% lower yesterday. apple up more than a percent today. kurndly around $544 a share. is now a good time to get in. you're all asking me. i'm asking katie stockton in connecticut. katie, is apple stock down off its high a phenomenally successful stock to hold for so many investors and showing the chart again. you look at technical trading patterns in the stock. do they tell you it's time to buy, sell or hol
i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our...
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let's talk about what the fiscal cliff is. starting in the beginning of the year because of a deal the congress did last year to raise the debt ceilings, all these things will go into play at the same time, big spending cuts, bush tax cuts expire, minimum tax cut goes away, payroll tax holiday goes away, unemployment benefits extension. whole bunch of things. middle income households making, say, $50,000 a year would see their tax bill rise $2,000. $2,000 for the year. immediately your paycheck, you would notice a change there o r overall, certainly in what you pay when you pay your taxes. this is the spending part of it. 8% to 10% cuts in budgets for everything you could think of, from the fda, centers to disease control, education, border patrol, cdc director has said this. 8% to 10% reduction will risk costy and deadly spread of disease and failures to prevent tragic and expensive health problems. yeah. this is something that really matters. a math problem between democrats and republicans is something that matters to every
let's talk about what the fiscal cliff is. starting in the beginning of the year because of a deal the congress did last year to raise the debt ceilings, all these things will go into play at the same time, big spending cuts, bush tax cuts expire, minimum tax cut goes away, payroll tax holiday goes away, unemployment benefits extension. whole bunch of things. middle income households making, say, $50,000 a year would see their tax bill rise $2,000. $2,000 for the year. immediately your...
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among the factors fed members were concerned about, the crisis in europe, fiscal cliff. of course, that's that combination of spending cuts happening and the expiration of tax breaks happening at the end of the year. >>> now our third story out front, fresh off a strong debate performance, andrea sol tweeted that the campaign was getting more than two donations a second. john avalon has been looking into this. super pac guys are standing by, by the way. john, i'm looking at the democratic one in the eye and is already champing at the bit. so, talk to me about the money game. obviously a big boost for romney last night. >> absolutely. as you know to find out what's going on in campaigns you've got to follow the money. looking in particular at super pac spending, tsunami of sleaze going through our airwaves in real time. it's fascinating. releasing its numbers for the last three weeks of september. here is what they're seeing. president obama's campaign outspending mitt romney's campaign almost 2-1 in the last three weeks of september. take a look at the next level. super
among the factors fed members were concerned about, the crisis in europe, fiscal cliff. of course, that's that combination of spending cuts happening and the expiration of tax breaks happening at the end of the year. >>> now our third story out front, fresh off a strong debate performance, andrea sol tweeted that the campaign was getting more than two donations a second. john avalon has been looking into this. super pac guys are standing by, by the way. john, i'm looking at the...
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Oct 20, 2012
10/12
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if we go over the fiscal cliff, that means businesses close, factories close, people lose their homes, people lose their jobs. it's spending cuts of $1.2 trillion over a decade. that means your services are cut. if you work for these federal agencies, you'll see tons of job loss and maybe 277,000, at least temporary jobs lost there and the defense sector would be just, would be just sliced. i mean, you see a lot of jobs in places with a lot of defense contractors, a lot of jobs lost there, as well. it's a very big deal. >> this is serious stuff. ali velshi sat down with the new york fed president. listen to what he said about the fiscal cliff. >> well, i would say it's worrisome, even today, because i think people's uncertainty about how the fiscal cliff is going to be resolved is having its effect today on hiring and investments. >> so, is that true? have we seen the effect? is just the threat of the fiscal cliff affecting jobs and investment already? >> at a very time when you're seeing the economy growing too slowly start to pick up a little bit of steam. yes, yes. when you talk to
if we go over the fiscal cliff, that means businesses close, factories close, people lose their homes, people lose their jobs. it's spending cuts of $1.2 trillion over a decade. that means your services are cut. if you work for these federal agencies, you'll see tons of job loss and maybe 277,000, at least temporary jobs lost there and the defense sector would be just, would be just sliced. i mean, you see a lot of jobs in places with a lot of defense contractors, a lot of jobs lost there, as...
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Aug 26, 2012
08/12
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it's the fiscal cliff. we're talking about the effects of $1 trillion in automatic across the board spending cuts mandated by congress known as sequester. that combined with a series of tax increases including an end to the bush era tax cuts and a higher payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt ceiling. intense partisan blackmail by both sides nearly shut down the government and led to a downgrade of the united states credit rating. now the enormous amount of spending cuts and tax increases, if they stand, will shrink your economy at a time when you expect your political leaders to do everything they can to stave off another recession. and a new report from the cbo says unemployment will rise, will rise to 9% in the second half of 2013. but what happens if lawmakers act and avoid taking us over a fiscal cliff? the
it's the fiscal cliff. we're talking about the effects of $1 trillion in automatic across the board spending cuts mandated by congress known as sequester. that combined with a series of tax increases including an end to the bush era tax cuts and a higher payroll tax. measures scheduled to start on january 2nd unless congress acts. don't hold your breath, folks. if you recall, the sequester legislation was passed a year ago to end a bitter debate then over extending the government's debt...
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Aug 22, 2012
08/12
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we've heard this from the cbo about the fiscal cliff and recession. what is new in today's warning? >> it's just the official pleszing of what we do all know. if the goth stops spending a lot of money and taxes go up for all americans, that can't be good for the economy. we're only averaging about 1.7% growth. really slow recovery. half of what we see in post world war ii recoveries. just those cuts and tax impact would push us into recession. i know we don't like slow growth but we're going the like recession a lot less. >> i want to talk about the what ifs. ifnd when the fiscal cliff goes away. i was talking to alison kosik and she was reporting new numbers when it comes to the housing market. july home sales up 2.3% which makes me think that is good news. perhaps we're shifting psychologically. why is that and have we already hit the bottom? >> i think we're in a bottoming process. it depends on where you are. here is what we know. from 2000 to 2006 home prices doubled. that's not normal. that's a bubble and it crashed in a big way. prices down nationally. i know these poor peopl
we've heard this from the cbo about the fiscal cliff and recession. what is new in today's warning? >> it's just the official pleszing of what we do all know. if the goth stops spending a lot of money and taxes go up for all americans, that can't be good for the economy. we're only averaging about 1.7% growth. really slow recovery. half of what we see in post world war ii recoveries. just those cuts and tax impact would push us into recession. i know we don't like slow growth but we're...
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the ryan budget does incorporate the fiscal cliff in the sense that it requires massive cuts in spending right away. basically, next year and the year after and at a time when we have so much unemployment and we have so much underutilized capacity, that's exactly what we don't need. that's exactly what europe got into the problem with. when you cut that much, when you have so many people unemployed, that means more unemployment, less economic activity. and that in turn means that the ratio of your debt to the total economy is going to get worse and worse because your economy starts contracting. that's what europe is facing. that's what paul ryan is going to do to the united states if his plan is adopted. >> so people are probably tweeting right now to say robert reich is a liberal. of course he's going to say that you can't cut things right now. but clearly our debt is a problem. our deficits are a problem. at some point we're going to have to cut spending. when is that point? >> i would suggest that we have a trigger built into the law, democrats and republicans both have to abide by it
the ryan budget does incorporate the fiscal cliff in the sense that it requires massive cuts in spending right away. basically, next year and the year after and at a time when we have so much unemployment and we have so much underutilized capacity, that's exactly what we don't need. that's exactly what europe got into the problem with. when you cut that much, when you have so many people unemployed, that means more unemployment, less economic activity. and that in turn means that the ratio of...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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Nov 11, 2012
11/12
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there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the president's advisory council on financial capability and former u.n. ambassador andrew young, a global spokesperson for operation hope. you are welcome to both of you. you are having a summit here in atlanta this week. tell me, first, john, about the group's mission and about the summit a little bit. >> well, our mission is very humbly trying to continue some work that dr. martin luther king was doing when he passed on to a better place. he was focused on the poor people's campaign in 1968, and his last book was where we go from here, chaos or community, and i think these are th
there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the...
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but perhaps the biggest challenge, the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they'll have four weeks after the election to deal with some of the largest tax increases and spending cuts that the country has ever seen at one time. >> $110 billion in cuts to everything from defense to education to food inspections next year alone will take effect in january unless lawmakers reach agreement on reducing the deficit. one problem -- republicans and democrats disagree on the bush tax cuts due to expire the end of this year. republicans want them extended for everyone. gl americans know what works. low taxes, reasonable regulations, and living within our means. >> reporter: democrats led by president obama support extending them just for people making less than $200,000 a year. >> i don't believe and you don't believe that another round of tax breaks for millionaires is going to bring good jobs back to our shores or pay down or deficit. >> reporter: uncertainty about just what congre
but perhaps the biggest challenge, the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they'll have four weeks after the election to deal with some of the largest tax increases and spending cuts that the country has ever seen at one time. >> $110 billion in cuts to everything from defense to education to food inspections next year alone will take effect in january unless lawmakers...
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Sep 20, 2012
09/12
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because look at the fiscal cliff, for example. no matter who is president, you're going to have a fiscal cliff problem. that's the beginning of the year when you've got huge tax increases and massive spending cuts that hit at exactly the same time. that uncertainty is still there. i'm hearing anecdotally that business owners are saying wait, we're not hiring anybody until we figure out if congress can fix this problem. congress, by the way, going home after this week until the election. >> enjoy your time off. quickly, a few second left, elections coming. does uncertainty end on election day? >> not with the fiscal cliff. i think one in ten is taken away. but at this stage of the game, you've got a dead problem at the beginning of next year, and also a lot of people are telling me the federal reserve are the only one who can step in and do something, inject money into the surgery etc. a president can try to make a decision, but congress doesn't necessarily go along with them. >> and then there's the filter down effect. are you cer
because look at the fiscal cliff, for example. no matter who is president, you're going to have a fiscal cliff problem. that's the beginning of the year when you've got huge tax increases and massive spending cuts that hit at exactly the same time. that uncertainty is still there. i'm hearing anecdotally that business owners are saying wait, we're not hiring anybody until we figure out if congress can fix this problem. congress, by the way, going home after this week until the election....
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Nov 10, 2012
11/12
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. >> in other words you go over the fiscal cliff. >> you go over the cliff. >> all the middle class, their taxes are going to go up, the sequestration, the cuts in defense spending, all of that will happen. >> we're at the point who is playing chicken here. >> all of them. >> the realltyings the tax rates do go up. >> do you think republicans would let that happen? >> that's the question. john boehner said this week that higher tax rates at the top are unacceptable to him. with all due respect it's not really in your control anymore. unless you make a deal, those rates are going up. >> the president does have the public on his side. if you look at the exit polls, 47% of people said that tax rates should go up on those earning 250,000 or above. >> basically 60% were willing to raise stacks. >> you could try to redesfien who is wealthy. look, i think these people all understand that it is in their own self-interest to get something done. and in my experience, that's when congress gets something done. >> when they have self-interest. >> yes. >> and this notion that the president has put
. >> in other words you go over the fiscal cliff. >> you go over the cliff. >> all the middle class, their taxes are going to go up, the sequestration, the cuts in defense spending, all of that will happen. >> we're at the point who is playing chicken here. >> all of them. >> the realltyings the tax rates do go up. >> do you think republicans would let that happen? >> that's the question. john boehner said this week that higher tax rates at the...
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chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. and the candidate's speech is in pieces all over the district. the writer's desktop and the coordinator's phone are working on a joke with local color. the secure cloud just received a revised intro from the strategist's tablet. and while i make my way into the venue, the candidate will be rehearsing off of his phone. [ can
chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d?...
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cliff that congress now stands on. one of those republicans is romney's number two. >> you know why i voted for it? because i was working to find common ground with democrats to get a down payment on deficit reduction. i worked with program to find common ground. it was a step in the right direct. >> just a few moments ago, in florida president obama reiterated his convention line of attack on republicans' plan to fix the economy. >> tax cuts, tax cuts. got a few regulations. give some more tax cuts. tax cuts when times are good. tax cuts when times are bad. ed tax cuts to help you lose a few extra pounds. tax cuts to improve your love life. >> the president has one more campaign event later today in florida. it's not just a two man race. will third-party candidates have an effect on this year's presidential election? that's next. provided for their every financial need. and then, in one blinding blink of an eye, their tree had given its last. but with their raymond james financial advisor, they had prepared for even t
cliff that congress now stands on. one of those republicans is romney's number two. >> you know why i voted for it? because i was working to find common ground with democrats to get a down payment on deficit reduction. i worked with program to find common ground. it was a step in the right direct. >> just a few moments ago, in florida president obama reiterated his convention line of attack on republicans' plan to fix the economy. >> tax cuts, tax cuts. got a few regulations....
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the first thing, of course, the fiscal cliff. you are talking about $110 billion in spending cuts out of $1.2 trillion over a ten-year period, but that is going to kick in at the start of the new year. not to mention the fact that you've got the bush tax cuts inspiring -- which means that 90% of us are going to have higher taxes. the republicans make their final pitch. they argue that, well, if you put romney in office, he will work better with republicans to avoid the catastrophe. the fiscal cliff. do you think that is a fair assumption? >> i really don't think so. the truth is whoever is elected president is going to have one chamber of the congress in the hands of the other party. if president obama is elected, he is going to have the house in the hands of the republicans. we'll look at this as a status quo election. democrats control the senate. the republicans control the house. vice versa. if it's mitt romney, the democrats are very likely to control the senate. i think each one will face serious difficulties. here's the th
the first thing, of course, the fiscal cliff. you are talking about $110 billion in spending cuts out of $1.2 trillion over a ten-year period, but that is going to kick in at the start of the new year. not to mention the fact that you've got the bush tax cuts inspiring -- which means that 90% of us are going to have higher taxes. the republicans make their final pitch. they argue that, well, if you put romney in office, he will work better with republicans to avoid the catastrophe. the fiscal...
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. >>> the one thing you need to know about your money, 118 days until the fiscal cliff, when huge spending cuts and tax increases ougautomatically go i effect. it will mean smaller paychecks and up to 2 million jobs lost. the cbo says the fiscal cliff will cause a recession in the first half of next year. what are your elected officials saying about this? crickets. time is running out. big deal happening next year. once we get through election, maybe they'll try to fix it. >> can we end on a positive note? >> i want to positively encourage congress and both parties to fix the fiscal cliff. >> get it together. thank you very much. >> it is 26 minutes past the hour. let's go to john berman live in charlotte for the democratic national convention. do you hear crickets? >> we hear them all the way down here. you were also talking about the middle class and the middle class is such a key part of the democratic party platform. ? just a moment, we'll talk to a key member of the party platform committee represent tiative bara lee. we're live from the cnn grill at the democratic national convention
. >>> the one thing you need to know about your money, 118 days until the fiscal cliff, when huge spending cuts and tax increases ougautomatically go i effect. it will mean smaller paychecks and up to 2 million jobs lost. the cbo says the fiscal cliff will cause a recession in the first half of next year. what are your elected officials saying about this? crickets. time is running out. big deal happening next year. once we get through election, maybe they'll try to fix it. >> can...
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. >>> by now you have probably heard the term "fiscal cliff." some fear we may be about to fall off that cliff. guess what -- that could really affect your bottom line. here's how -- if congress does nothing to ward off tax hikes and spending cuts set to take effect in january, it could trigger massive layoffs and an increase in the unemployment rate. that's according to a recent report from the congressional budget office. earlier, i spoke with cnn international anchor richard quest about what the fiscal cliff means and what our lawmaker need to do to avoid it. >> it's very simple, randi. forget the numbers. you've got tax cuts that will expire and, therefore, taxes go up. you have got spending that will -- the cuts will be implemented. the economy will literally be like having a heart attack. >> that doesn't sound good. all right. but the cbo is saying if this all goes into effect, as you said, the unemployment could at 9%. they're also saying that the deficit would improve. it would fall to $641 billion. so is that a silver lining here? do yo
. >>> by now you have probably heard the term "fiscal cliff." some fear we may be about to fall off that cliff. guess what -- that could really affect your bottom line. here's how -- if congress does nothing to ward off tax hikes and spending cuts set to take effect in january, it could trigger massive layoffs and an increase in the unemployment rate. that's according to a recent report from the congressional budget office. earlier, i spoke with cnn international anchor...
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the other, the fiscal cliff. that's when tax increases and spending cuts go into effect on january 1st. congress needs to figure out how it's going to keep us from falling off this so-called cliff. here's the thing. nothing's likely to be done until after the election. it leave as small window for congress to get off its you-know-what and do something about it. >>> meantime we're also getting new pictures of the martian surface from nasa, and we'll show you some of them. >>> the rover curiosity on the surface of mars, day five, nasa scientists just spoke to reporter john zarrella who's staying on top of e everything at the jet propulsion laboratory in pasadena. so, john, they talked about the seven moments of terror, so to speak. why are they going over that again. >> yeah, fredricka. we hadn't heard about the landing and descent. they're still talking at this briefing because they're still all jazzed up by how well everything went and how well their calculations worked. in fact, they started off the press briefi
the other, the fiscal cliff. that's when tax increases and spending cuts go into effect on january 1st. congress needs to figure out how it's going to keep us from falling off this so-called cliff. here's the thing. nothing's likely to be done until after the election. it leave as small window for congress to get off its you-know-what and do something about it. >>> meantime we're also getting new pictures of the martian surface from nasa, and we'll show you some of them. >>>...
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we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >> how much spending cuts do we want to see? i could tally up for you right now, $3 trillion with the spending cuts that we already enacted in law in the last year and a half. $1 trillion that came from the budget control act that was passed a year ago, that said a trillion dollars has to start coming up now, and that has begun. another trillion dollars which is going to be enacted through the sequester. we still have them. and we can move forward. that's another trillion, 1.2 trillion. let me give you the other 800 billion. we cut -- democrats without a republican vote, $716 billion in -- and we found $716 billion in savings through m
we need to avoid the fiscal cliff. >> one thing you want javier to agree to, to avoid the fiscal cliff. >> we need to have the spending cuts. >> give me an example? >> well, it is looking at the spending, entitlement reform, and growth in government. the president is moving in the wrong direction. he proposed higher taxes than he ever said during the campaign, more stimulus, more spending, that's moving us in the wrong direction. >> go ahead and respond. >>...
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of course, there's also the fiscal cliff. that's one of a variety of those spending cuts and tax increases kicking in in the new year. congress has been noncommitmental about how it's going to handle that, and that's really what's upsetting most of the trade others wall street because, again, it's an unanswered question. it's unpredictable headlines out of europe that are also expected to factor in, so for today the dow is just slightly lower. again, not a disaster. 30 points. it's okay. >> we look for the silver lining. we're looking for it. >> we try. >> thank you, felicia. zirchl the ungood morning rate fell in september. more people returned to the labor force, and hiring was steady. in this week's smart is the new rich, we see a guy that took a big risk to make a career change in a brightening job market. >> he wanted to switch careers from operations in i.t. to marketing and big data. in a slow jobs market that takes training and risk. >> i decided to go back to business school, and i went part-time and realized that i
of course, there's also the fiscal cliff. that's one of a variety of those spending cuts and tax increases kicking in in the new year. congress has been noncommitmental about how it's going to handle that, and that's really what's upsetting most of the trade others wall street because, again, it's an unanswered question. it's unpredictable headlines out of europe that are also expected to factor in, so for today the dow is just slightly lower. again, not a disaster. 30 points. it's okay....
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. >>> as you know, the united states has been hurtling towards what's been called the fiscal cliff. drastic spending cuts across the board, military and domestic spending unless congress and the white house can reach a deal on cutting the deficit. cnn's senior congressional correspondent dana bash reports there are signs of movement in this deeply entrenched battle line. >> reporter: wolf, talks will begin in earnest this week to avoid the fiscal cliff at the end of the year. and both sides are coming to the table trying to sound as agreeable as possible, positioning themselves to blame the other if things fall apart. sam say it would drive the economy back into a recession. the halls of the capitol, eerily quiet as congress commemorates veterans day. but this stillness will soon be replaced by frenzy to avoid the fiscal cliff. public posturing, however, is well under way. we can't accept an unfair deal that piles all of this on the middle class and tells them they have to support it. >> you do have to have revenues on the table. but that does not mean raising taxes. >> reporter: bu
. >>> as you know, the united states has been hurtling towards what's been called the fiscal cliff. drastic spending cuts across the board, military and domestic spending unless congress and the white house can reach a deal on cutting the deficit. cnn's senior congressional correspondent dana bash reports there are signs of movement in this deeply entrenched battle line. >> reporter: wolf, talks will begin in earnest this week to avoid the fiscal cliff at the end of the year. and...
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chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the decisions confronting congress over the next four months are bigger than i think most of us have seen in our lifetime. at least on the fiscal matters. >> reporter: it's not just the fiscal cliff. >> most people think we need some fundamental tax
chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the decisions confronting congress over the next four months are bigger than i think most of us have seen in our lifetime. at least on the fiscal matters. >> reporter: it's not just the fiscal cliff. >> most people think we need some fundamental tax
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he also talked about the fiscal cliff, so-called fiscal cliff. that's when we have huge spending cuts and huge tax increases all at the same time that slam the economy early next year. congress really has to get its act together on that. this is what he said. >> the most effective way that the congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long run sustainability and the fragility of the recovery. doing so earlier rather than later would help reduce uncertainty and boost household and business confidence. >> that's about as fiery as you're going to get from a fed chief. they don't like to make that foray into politics. you can take that 19 seconds i just gave you there as a warning from the fed chief to congress that they stand in direct opposition to what's good for the u.s. economy. that's a warning from fed chief ben bernanke. next hour i'm going to give you -- i'm going to take apart the fiscal cliff for you. i'm going to put it
he also talked about the fiscal cliff, so-called fiscal cliff. that's when we have huge spending cuts and huge tax increases all at the same time that slam the economy early next year. congress really has to get its act together on that. this is what he said. >> the most effective way that the congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long run sustainability and the...
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that's the fiscal cliff. the tax increases and spending cuts that are coming at the start of next year. the treasury debt ceiling has to be increased again. summer before last, that was very painful. and either president has to lay out a credible path to deficit reduction to stabilize their debt load. if they can do that. and i think either president can, then our economy is going to, i think, get its groove back and i think we should be below 6% by the end of -- >> that's nice to hear. you say either president can. that's going to require leadership with a congress that so far has not been amenable to, you know, making tough decisions at any time past the last minute or even punting on them. yesterday alan simpson on cnbc had these choice words, shall we say, about the congress that this president and the next president will have to deal with. listen. >> they really believe honestly that no congress could be this stupid. and by god they can. >> he's talking about people who think that they're going to be abl
that's the fiscal cliff. the tax increases and spending cuts that are coming at the start of next year. the treasury debt ceiling has to be increased again. summer before last, that was very painful. and either president has to lay out a credible path to deficit reduction to stabilize their debt load. if they can do that. and i think either president can, then our economy is going to, i think, get its groove back and i think we should be below 6% by the end of -- >> that's nice to hear....
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tax increases on the fiscal cliff are $380 billion. spending cuts are $100 billion. the tax bill for a median income family making $55,000, two kids, is going to go up somewhere between $2,000 and $4,000. $2,000 and $4,000 for a family that makes $55,000. that is going to hurt and you're going to feel it and it's going to slow the economy. how will your taxes go up? a variety of ways. it's not just the expiration of the bush tax cuts. it's also the payroll tax. that was a temporary payroll tax holiday. that's going to be maybe $40 or $50 a paycheck. that's going away probably no matter what. the alternative minimum tax also. we told you about the bush tax cuts. those expire. there's also the child tax credit that will be cut in half, $500 from $1,000. income tax rates are going to change. the marriage penalty relieve goes away. capital gains rate changes. dividend rate changes. a lot of different ways that savers, investors and earners are going to get hit with taxes on the fiscal cliff. again the white house says $2200 is what the increased tax bill will be because
tax increases on the fiscal cliff are $380 billion. spending cuts are $100 billion. the tax bill for a median income family making $55,000, two kids, is going to go up somewhere between $2,000 and $4,000. $2,000 and $4,000 for a family that makes $55,000. that is going to hurt and you're going to feel it and it's going to slow the economy. how will your taxes go up? a variety of ways. it's not just the expiration of the bush tax cuts. it's also the payroll tax. that was a temporary payroll tax...
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. >>> the congressional budget offices the so-called fiscal cliff of huge spending cuts and huge tax increases next year would drive the country into a recession. that means lost jobs, closed businesses, and dramatic cuts to the military and programs like preschool and food aid for the elderly. the cbo now predicts the economy would contract half of 1% next year, and the jobless rate, and this is the new part of the forecast, the jobless rate would reach 9% by the end of the year if congress doesn't fix it. >>> middle class families are poorer and have lower incomes than 10 years ago. this is according to a huge report from the pew research center. this is the first time this has happened since world war ii. middle class net worth is down over the past decade, dropping 28% to $93,000. middle class income is down as well, dropping about $3,500 to more than $69,000. and 85% of people say it's more difficult now to maintain their lifestyle compared with 10 years ago. >> so that $69,000 is a family? >> a family of three, that's right. a bright spot for you, though, in the housing market
. >>> the congressional budget offices the so-called fiscal cliff of huge spending cuts and huge tax increases next year would drive the country into a recession. that means lost jobs, closed businesses, and dramatic cuts to the military and programs like preschool and food aid for the elderly. the cbo now predicts the economy would contract half of 1% next year, and the jobless rate, and this is the new part of the forecast, the jobless rate would reach 9% by the end of the year if...
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yesterday, bernanke reiterated his concern about the fiscal cliff. that's the huge tax increases and spending cuts scheduled to take effect after january 1st and the congressional budget office said going over the cliff could cost 2 billion jobs and also push the economy into recession. bernanke says if lawmakers don't find a solution, the fed's tools aren't strong enough to offset that fiscal shock the economy would experience, but as you know, suzanne, it is an election year, and the chances of a deal between congress and the president before that november 6th are very slim. >> not likely. all right. maribel, thank you. >>> the campus of north dakota state university has now been given the all clear. this campus -- in fargo, was evacuated this morning because of a bomb threat. authorities have swept the campus, didn't find anything. so classes are going to resume this afternoon. >>> president obama, he is going to be there when the bodies of the four americans killed in libya come home. we're going to bring that event to you live in the next hour.
yesterday, bernanke reiterated his concern about the fiscal cliff. that's the huge tax increases and spending cuts scheduled to take effect after january 1st and the congressional budget office said going over the cliff could cost 2 billion jobs and also push the economy into recession. bernanke says if lawmakers don't find a solution, the fed's tools aren't strong enough to offset that fiscal shock the economy would experience, but as you know, suzanne, it is an election year, and the chances...
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what happens when the fiscal cliff hits december 31st? >> that is a real risk. >> will we be back into negative territory? >> this package of automatic spending cuts and tax increases that will hit at the end of this year if nothing is done in congress. >> is it having an affect already? >> it's having an affect on businesses already. businesses have to plan ahead. companies are worried about huge cuts to their contracts next year. people who are thinking about hiring, are you going to hire the next few people? you're going to wait to see what happens. that uncertainty does hangover businesses. it is having an affect. it will have a much bigger effect if we go over it and it stays. >> zanny beddoes, thank you for crunching the numbers in real time as they came in. >>> the perfect storm is what they're calling it. bearing down on the east coast of the united states, hurricane sandy. it's already killed 21 people in the caribbean. it's now threatening millions of people from virginia all the way up to new england. right now sandcy moving no
what happens when the fiscal cliff hits december 31st? >> that is a real risk. >> will we be back into negative territory? >> this package of automatic spending cuts and tax increases that will hit at the end of this year if nothing is done in congress. >> is it having an affect already? >> it's having an affect on businesses already. businesses have to plan ahead. companies are worried about huge cuts to their contracts next year. people who are thinking about...
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because of the fiscal cliff. what can a president do with a second term? number one in recent years priority number one is to consolidate the gains of the first term. the health care bill will be implemented. there will for sure be problems. can he somehow keep a relationship with the republican house if they have to go back and fix a couple things? at least we know obama care won't be repealed. that's his priority. keep it that way, secure that as his democratic legacy for the country. otherwise, you look around and say what can he do? education reform is something. some people in the white house talk about. some republicans point to john boehner, the house speaker used to be a key education negotiator in the hill. a lot of republicans thinks the president backed a i way from some proposals they actually liked in the first term because he didn't want to anger the teachers union. you mentioned a story in the news now that will complicate and perhaps even dominate the early foreign policy agenda of the second term
because of the fiscal cliff. what can a president do with a second term? number one in recent years priority number one is to consolidate the gains of the first term. the health care bill will be implemented. there will for sure be problems. can he somehow keep a relationship with the republican house if they have to go back and fix a couple things? at least we know obama care won't be repealed. that's his priority. keep it that way, secure that as his democratic legacy for the country....
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. >> one more reason for our politicians in congress to fix the fiscal cliff. they're spoiling christmas. >> yes, they could be. >> good point. >> that's a very good point. >>> 25 minutes past the hour. the morning after the first presidential debate everyone is asking who won? do you have an answer? we have answers for you. brand new cnn poll taken right after it was over and more highlights and analysis headed your way. if you're leaving the house right now, don't worry. you can watch us any time on your desktop or mobile phone. just go to cnn.com/tv. ♪ my life begins today ♪ ♪ fly by night away from here ♪ ♪ change my life again ♪ ♪ fly by night, goodbye my dear ♪ ♪ my ship isn't coming ♪ and i just can't pretend oww! ♪ [ male announcer ] careful, you're no longer invisible in a midsize sedan. the volkswagen passat. the 2012 motor trend car of the year. that's the power of german engineering. can your moisturizer do that? [ female announcer ] dermatologist recommended aveeno has an oat formula, now proven to build a moisture reserve, so
. >> one more reason for our politicians in congress to fix the fiscal cliff. they're spoiling christmas. >> yes, they could be. >> good point. >> that's a very good point. >>> 25 minutes past the hour. the morning after the first presidential debate everyone is asking who won? do you have an answer? we have answers for you. brand new cnn poll taken right after it was over and more highlights and analysis headed your way. if you're leaving the house right now,...
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> it's not just the fiscal cliff. >> most people think we need fundamental tax reform, cuts in spending and entitlement reform. there's no indication the new congress will be willing to do that either short-term in the lame duck or longer term. >> so the forecast for the next congress, more of the same. athena jones, cnn, washington. >> and we have more on the race to the white house. first lady michelle obama is expected to speak any minute now in southern ohio. you're looking at live pictures right now. looks like a gymnasium of the university auditorium there. we'll take you there as soon as michelle obama enters. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >>> it is indeed crunch time for the presidential candidates. election day is just three days uz way, and both campaigns are making a final push in the battleground states. mitt romney wrapped up a rally in dubuque, iowa. earlier, he was in new hampshire and later he makes two stops in colorado. president obama was in ohio, then
> it's not just the fiscal cliff. >> most people think we need fundamental tax reform, cuts in spending and entitlement reform. there's no indication the new congress will be willing to do that either short-term in the lame duck or longer term. >> so the forecast for the next congress, more of the same. athena jones, cnn, washington. >> and we have more on the race to the white house. first lady michelle obama is expected to speak any minute now in southern ohio. you're...
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hi, alison. >> everybody likes to call this a fiscal cliff. essentially that is when all of these legislative measures kick in at the same time. in this case, it would be higher taxes and spending cuts. this would take effect in january of next year. what it essentially means is that $500 billion would literally be pulled out of the economy next year. in fact, the congressional budget office says it's going to be so bad, we could go back into a recession. let me run through what could happen all at once. for one, those payroll tax cuts we've been having lately, they expire next year. so do extended unemployment benefits, the bush tax cuts would expire. $1 trillion in spending cuts will also kick in. now all of this is going to happen automatically unless congress does something. but at the same time, critics say, you know what? congress just can't extend everything until eternity because that could add up to $7 trillion to our debt over the next decade, hurting the economy in the long run. here is the real kicker, carol. lawmakers aren't expec
hi, alison. >> everybody likes to call this a fiscal cliff. essentially that is when all of these legislative measures kick in at the same time. in this case, it would be higher taxes and spending cuts. this would take effect in january of next year. what it essentially means is that $500 billion would literally be pulled out of the economy next year. in fact, the congressional budget office says it's going to be so bad, we could go back into a recession. let me run through what could...
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first and foremost, the so-called fiscal cliff. now, this is the whole idea that congress -- excuse me -- that the government will have to cut spending. that's the law right now. and that those bush-era tax cuts will expire by the end of the year. now, most people here realize that is going to be the number one issue that congress is going to work on after the election, because they have to between now and the end of the year. but there are other things that are really important that are likely going to fall by the w waysi wayside. cyber security legislation. many in the intelligence community say is absolutely critical for national security. the violence against women act, the law of the land, that is going to expire. and postal reform. may not sound like that big of a deal, but it really is a big deal for those of us who really still rely on snail mail. >> dana bash reporting live from capitol hill this morning. >>> oh, let's talk sports. the fun kind. it had been 611 days since peyton manning played a meaningful football game. a
first and foremost, the so-called fiscal cliff. now, this is the whole idea that congress -- excuse me -- that the government will have to cut spending. that's the law right now. and that those bush-era tax cuts will expire by the end of the year. now, most people here realize that is going to be the number one issue that congress is going to work on after the election, because they have to between now and the end of the year. but there are other things that are really important that are likely...
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Nov 14, 2012
11/12
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CNN
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fiscal cliff, will have on the u.s. economy? 68% said that it would have a major effect. 21% minor effect. 2% said no effect. 10% said they don't know. this is the economy. pew and "washington post" also asked, what effect the fiscal cliff would have on your financial situation, 44% said a major effect. 38% said a minor effect. 9% said no effect. and then they also asked them, by the way, do you know what the fiscal cliff, do you know anything about it? about 26% said they understood it very well. 32% said fairly well. about a quarter said not so well. >> that's a trick question. i don't think even the people involved in creating the fiscal cliff understand it well. >> it's a good point. the fiscal cliff is an accident. it wasn't planned. it's not a planned austerity thing. it's budget things that all happen to expire at the same time that will create havoc. it is very hard to understand. but it is really important. it's probably a good chance it won't happen in its entirety. but if it does, it would be catastrophic. wh
fiscal cliff, will have on the u.s. economy? 68% said that it would have a major effect. 21% minor effect. 2% said no effect. 10% said they don't know. this is the economy. pew and "washington post" also asked, what effect the fiscal cliff would have on your financial situation, 44% said a major effect. 38% said a minor effect. 9% said no effect. and then they also asked them, by the way, do you know what the fiscal cliff, do you know anything about it? about 26% said they understood...
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108
Sep 10, 2012
09/12
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we're talking about a series of spending cuts and tax increases that people are calling the fiscal cliff. the congressional budget office says that all of this kicks in together, taken together, it could plunge the economy back into recession. this is $110 billion in cuts next year alone, and so it's a really big deal. a lot of uncertainty for business investors. and it's unclear, because the divisions are great, for instance, over the bush tax cuts. whether they should be extended for everyone. who knows what's really going to happen. it seems one of those scenarios that they'll end up passing some sort of short-term deal. but that might not even happen until after the new year. so they're going to have to retro actively undo some of these cuts. >> so americans find themselves in a position where congress has to fix the problem that congress made. i love it. athena jones today, thanks. >>> this just in to cnn. local reports out of the detroit area say an officer has been shot and killed in a standoff with a gunman who was barricaded in the detroit suburb of west bloomfield township. we'
we're talking about a series of spending cuts and tax increases that people are calling the fiscal cliff. the congressional budget office says that all of this kicks in together, taken together, it could plunge the economy back into recession. this is $110 billion in cuts next year alone, and so it's a really big deal. a lot of uncertainty for business investors. and it's unclear, because the divisions are great, for instance, over the bush tax cuts. whether they should be extended for...